Rating: OUTPERFORM (maintain)
The masterplan for the Guangdong-Macau Intensive Cooperation Zone in Hengqin will create conditions to diversify Macau’s industries and inject key impetus into the long-term development of the two regions. We recommend China Tourism Group Duty Free Corporation (601888 CH, BUY).
Guangdong-Macau joint construction, management and sharing system by 2024E
The Central Committee of the Communist Party of China and the State Council recently issued their masterplan for the construction of the Guangdong-Macau Intensive Cooperation Zone in Hengqin. It aims that by 2024, the Guangdong-Macau joint construction, co-management and sharing system would be running smoothly, and the number of Macau residents living and working in the zone have increased substantially. This is the initial structure for the integrated development of Hengqin-Macau, achieved through close coordination with the Macau economy. By 2035E, it is hoped that the success of the plan would fully demonstrate the 「one country, two systems」 policy and boost the zone’s economic strength and tech competitiveness.
Our take on the masterplan
The intention behind the construction of the Hengqin New District is to create conditions for diversified development of Macau’s industries and to inject a key impetus for the long-term development of Guangdong and Macau. Hengqin is located at the southern end of Zhuhai and, with an area of about 106 sq km, is significantly larger than the 33-sq-km Macau. It is separated from Macau by a waterway with a bridge. It has inherent advantages of Guangdong-Macau cooperation and is an important platform to develop the moderately diversified economy of Macau. The cooperation zone is a customs-control area between the 「first border」 and the 「second border」 of Hengqin Island and has a total area of ~106 sq km. The border between Hengqin and Macau is set as the first border and the border between Hengqin and other areas within the customs territory of the mainland is set as the second border. The first border promotes cooperative inspection and a one-time customs clearance on the basis of mutual agreement and safety. The second border imposes no restrictions on the entry and exit of personnel and is subject to tax policies for items entering the mainland via the second border in the cooperation zone.
New potential for Hengqin duty-free area, cultural tourism and other markets
1) In terms of tax exemption, customs control at the first and second borders, and the Hengqin non-exempt (bonded) goods list policy will be adjusted, except for goods that are not exempt (bonded) and specified by national laws and administrative regulations. In addition, other goods and articles are exempted from (bonded) entry duty. At the same time, the authorities will continue to improve the corporate income tax system and eligible industrial enterprises in the cooperation zone will be taxed at a reduced rate of 15%.
2) Development plans include culture and tourism, exhibitions and commerce industries. The initiative would help to build a high-level Hengqin International Leisure Tourism Island, support the construction of Macau’s World Tourism and Leisure Center and develop tourism industries such as leisure and vacation facilities, conferences and exhibitions, sports events and tourism, and major health industries such as leisure and health, rehabilitation and medical care in the cooperation zone. It would also strengthen the development and utilization of tourism resources in the surrounding islands and promote the free travel of yachts in Guangdong, Hong Kong and Macau. Enterprise income tax is exempted on income obtained by newly-added overseas direct investments into tourism, modernization services and high-tech industrial companies established in the cooperation zone.
Investment ideas and risks
This masterplan is conducive to the fast development of Hengqin. We would watch the duty-free, Macau cultural tourism and gaming sectors.
1) Hengqin Port has advanced facilities. The total construction area of the joint customs clearance building and transportation platform is 450,000 sq m. The designed daily customs clearance volume is 222,000 visits and annual customs clearance volume is 80m. New industries would promote infrastructure interconnections. China Tourism Group Duty Free and Zhuhai Duty Free both have duty-free shops at the Hengqin port. We recommend China Tourism Group Duty Free Corporation (601888 CH, BUY).
2) With the gradual progress of Hengqin-Macau integration and economic diversification, Macau’s cultural tourism would transition from single-industry gaming to include more diversity.
Other related stocks (not rated): Gree Real Estate, Sands China, Galaxy Entertainment Group and SJM Holdings
Risks include: operating risks of tax-free projects, increased competition in tax-free industries, and bidding risks.
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評級:跑贏大盤(維持)
橫琴粵澳密集合作區的總體規劃將為澳門產業多元化創造條件,為兩地的長遠發展注入關鍵動力。我們推薦中國旅遊集團免税公司(601888 CH,購買)。
2024年粵澳共建、共管、共用體系
近日,中共中央中國共產黨、國務院印發了橫琴粵澳密集合作區建設總體規劃。其目標是到2024年,粵澳共建共管共享體系順利運行,澳門居民在自貿區生活和工作的人數大幅增加。這是橫琴-澳門一體化發展的初步框架,通過與澳門經濟的密切協調實現。到2035年,人們希望該計劃的成功將充分體現“一國兩制”政策,提升自貿區的經濟實力和科技競爭力。
我們對總體規劃的看法
橫琴新區建設的目的是為澳門產業多元化發展創造條件,為廣東和澳門的長遠發展注入關鍵動力。橫琴位於珠海南端,面積約106平方公里,比33平方公里的澳門大得多。它與澳門之間有一條有橋的水道。它具有粵澳合作的先天優勢,是澳門發展適度多元經濟的重要平臺。合作區是橫琴島“一邊”與“二邊”之間的海關管制區,總面積約106平方公里。橫琴與澳門的邊界為第一邊界,橫琴與內地關區內其他地區的邊界為第二邊界。第一個邊境在雙方同意和安全的基礎上促進合作檢查和一次性通關。第二邊境對人員出入境不設限制,對經合作區第二邊境進入內地的物品實行税收政策。
橫琴免税區、文化旅遊等市場新潛力
1)免税方面,調整第一、二境海關監管和橫琴非免税(保税)貨物清單政策,國家法律、行政法規規定的非免税(保税)貨物除外。此外,其他貨物和物品免徵(保税)進境税。同時,當局將繼續完善企業所得税制度,對合作區內符合條件的工業企業減按15%的税率徵收。
2)發展規劃包括文化旅遊、會展和商業產業。該倡議將有助於建設高水平的橫琴國際休閒旅遊島,支持澳門世界旅遊休閒中心的建設,發展合作區內的休閒度假設施、會展、體育賽事和旅遊業等旅遊業,以及休閒健康、康復和醫療等大健康產業。還將加強對周邊島嶼旅遊資源的開發利用,促進粵港澳遊艇自由行。對合作區內設立的旅遊業、現代化服務業和高新技術產業公司新增境外直接投資所得免徵企業所得税。
投資理念和風險
這一總體規劃有利於橫琴的快速發展。我們將觀看免税的澳門文化旅遊和博彩業。
1)橫琴港設施先進。聯合通關大樓和運輸平臺總建築面積45萬平方米,設計日通關量22.2萬人次,年通關量80m。新興產業將促進基礎設施互聯互通。中國旅遊集團免税店和珠海免税店都在橫琴口岸設有免税店。我們推薦中國旅遊集團免税公司(601888 CH,購買)。
2)隨着橫琴-澳門一體化和經濟多元化的逐步推進,澳門的文化旅遊將從單一行業博彩向多元化發展過渡。
其他相關股票(未評級):格力地產、金沙中國有限公司、銀河娛樂集團和澳博控股
風險包括:免税項目經營風險、免税行業競爭加劇、招投標風險。
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